Mar 31, 2015
We have audited the accompanying financial statements of Spectra
Industries Limited ('the Company'), which comprise the balance sheet as
at 31 March 2015, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the Act') with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 March 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ('the
Order') issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b. in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. the balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
d. in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of the written representations received from the
directors as on 31 March 2015 taken on records by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
g. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note no. 27 for
Rs.69.65 Lacs to the financial statements;
Independent Auditors' Report
Annexure referred to in paragraph of audit report on Other Legal and
Regulatory Requirements of even date
Re: Spectra Industries Limited ('the Company')
i. (a) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of assets. No material discrepancies
were noticed on such verification.
ii. (a) The management has conducted physical
verification of inventory at reasonable intervals during the year.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
iii. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013.
iv. In our opinion according to the information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weaknesses in the internal control system of the Company in
respect of these areas.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the trading and
services rendered by the Company.
vii. According to the information and explanations given to us and on
basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, customs duty, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, customs duty, value added tax, cess
and other material statutory dues were in arrears as at 31 March 2015
for a period of more than six months from date they became payable.
viii. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current year but
immediately preceding financial year Company has incurred cash losses.
ix. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to bank. The Company has
no outstanding dues in respect of financial institution or debenture
holders.
x. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xi. The Company has term loans outstanding during the year.
xii. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For D.K.ROONGTA & COMPANY
Chartered Accountants
Place : Mumbai DINESH K ROONGTA
Date : 28.05.2015 (Proprietor)
(Membership No.100/17679)
(Firm Reg No.108871W)
Mar 31, 2014
1. We have audited the accompanying financial statements of SPECTRA
INDUSTRIES LIMITED (the "Company"), which Comprise the Balance Sheet as
at March 31 ,2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The company''s Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in
accordance with accounting principles generally accepted in India,
including the Accounting Standards notifed under the Companies Act,
1956 read with General Circular 15/2013 dated 13th September 2013,
issued by the Ministry of Corporate Affairs, in respect of Section 133
of the Companies Act, 2013.. this responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Charted
Accountants of India. those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is suffcient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Statement of Profit and Loss, of the loss for the
year ended on that date: and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) order, 2003 ("the
order") issued by the Central Government of India in terms of
Sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227 (3) of the Act, we report that :
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by Company, so far as appears from our examination of these books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
notifed under the Companies Act, 1956 read with General Circular
15/2013 dated 13th September 2013, issued by the Ministry of Corporate
Affairs, in respect of Section 133 of the Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of directors,
none of the director is disqualified as on 31 st March, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act 1956.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph 4 of
our report of even date)
As required by the Companies (Auditor''s Report) order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate, we further report that:-
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verifed by the management
during the year but there is a regular programme of verifcation which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of assets. no material discrepancies were noticed on
such verifcation.
c) In our opinion during the year, the Company has not disposed off a
substantial part of the fixed assets so as to affect the going concern
status of the Company.
ii. In respect of its inventories:
a) The inventory has been physically verifed during the year by the
management. In our opinion, the frequency of verifcation is reasonable.
b) In our opinion the procedures of physical verifcation of inventories
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of the examinations of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. the
discrepancies noticed on physical verifcation of inventory as compared
to the book records were not material.
iii. In respect of Loans, Secured or unsecured taken by the Company
from Companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956:
a) The Company has taken loans, Secured or unsecured, during the year
from Companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
b) In our opinion and according to the information and explanations
given to us, the rate of interest where applicable and other terms and
conditions of the loans, are not prima facie prejudicial to the
interest of the Company.
iv. In our opinion according to the information and explanations given
to us, there are adequate internal control systems commensurate with
the size of the Company and the nature of its business for the purchase
of inventory and fixed assets and for the sale of goods and services.
during the course of our audit, we have not observed any major
weaknesses in the internal control system.
v. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, there were no transactions exceeding Rs. Five lakhs during
the year.
vi. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. therefore, the
provisions of clause (vi) of paragraph 4 of the order are not
applicable to the Company.
vii. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii. In our opinion and according to information given by the
management cost audit under Section 209(1)(d) of the Companies Act,
1956 is not applicable to the Company.
ix. In respect of Statutory dues:
a) According to the records of the Company, undisputed statutory dues
including provident Fund, Investor education protection Fund,
employee''s State Insurance, Income-tax, Wealth-tax, Sales tax, Customs
duty, excise duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities, According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31, 2014
for a period of more than six months from the date of becoming payable.
b) As on 31-03-2014, according to the records of the Company, the
following are the particulars of disputed dues on account of Income tax
and Central excise duty/cess that have not been deposited:
Sr. Name Nature Amount of Period Forum where
No. of the of Dues Demand to which dispute is
Statute net of the Pending
deposits amount
(Rs.) relates
1 Central Central 22,88,343/- 2001 Â Additional
Excise Excise 2002 Commissioner
Act, 1944 of Central
Excise
Total 22,88,343/-
x. The Company does not have accumulated losses at the end of the
financial year. The Company has incurred cash losses during the financial
year covered by the audit and not in the immediately preceeding
financial year.
xi. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
xii. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
xiii. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the order are not applicable to the Company.
xiv. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that proper records
have been maintained of the transactions and contracts in respect of
dealing or trading in shares, securities, debentures and other
investments and timely entries have been made in those records. We also
report that the Company has held all the shares, securities, and other
investments in its own name.
xv. The Company has not given any guarantee for loans taken by others
from Bank or financial institution, and accordingly requirement of
paragraph 4(xv) of the aforesaid order are not applicable to the
Company.
xvi. The Company has raised new term loans during the year. the term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purposes for which they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
xix. During the period covered by our audit report, the Company has not
issued debentures and therefore paragraph 4 (xix) of the aforesaid
order is not applicable.
xx. During the period covered by our audit report, the Company has not
raised money by way of public issues and, therefore, paragraph 4 (xx)
of the aforesaid order is not applicable.
xxi. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For D.K.ROONGTA & COMPANY
Chartered Accountants
Place : Mumbai DINESH K ROONGTA
Date: 30.05.2014 (Proprietor)
(Membership No.100/17679)
(Firm Reg No.108871W)
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying Financial Statements of SPECTRA
INDUSTRIES LIMITED (the "Company"), which Comprise the Balance
Sheet as at March 31, 2013, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The company''s Management is responsible for the preparation of
these financial statements that gives a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards referred to in sub-section
(3C) of the section 211 of the Companies Act, 1956 (''the Act"). This
Responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
Financial Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these Financial
Statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Charted
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the Financial Statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the Financial
Statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the Financial Statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Management, as well as evaluating the overall
presentation of the Financial Statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid Financial Statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date: and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
Sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227 (3) of the Act, we report that :
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by Company, so far as appears from our examination of these books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
Sub- Section (3C) of Section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act 1956.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
(Referred to in paragraph 4 of our report of even date)
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate, we further report that:-
i) In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of assets. No material discrepancies were noticed on
such verification.
c) In our opinion during the year, the Company has not disposed off a
substantial part of the fixed assets so as to affect the going concern
status of the Company.
ii) In respect of its inventories:
a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion the procedures of physical verification of
inventories followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
c) On the basis of the examinations of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material.
iii) In respect of Loans, Secured or unsecured, granted or taken by the
Company to/from Companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has taken Loans, Secured or Unsecured, during the year
from Companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956.
b) In our opinion and according to the information and explanations
given to us, the rate of interest where applicable and other terms and
conditions of the loans, are not prima facie prejudicial to the
interest of the Company.
iv) In our opinion according to the information and explanations given
to us, there are adequate internal control systems commensurate with
the size of the Company and the nature of its business for the purchase
of inventory and fixed assets and for the sale of goods and services.
During the course of our audit, we have not observed any major
weaknesses in the internal control system.
v) In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, there were no transactions exceeding Rs. Five Lakhs during
the year.
vi) According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
ix) In respect of Statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education Protection Fund,
Employee''s State Insurance, Income-Tax, Wealth-Tax, Sales Tax,
Customs Duty, Excise Duty, Cess, and other statutory dues have been
generally regularly deposited with the appropriate authorities,
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2013 for a period of more than six months
from the date of becoming payable.
b) As on March 31, 2013, according to the records of the Company, the
following are the particulars of disputed dues on account of Income Tax
and Central Excise Duty/cess that have not been deposited:
Sr. Name Nature of Amount of
No. of the Dues Demand net
Statute of deposits(Rs.)
1 Central Central 22,88,343/-
Excise Excise
Act, 1944
Total 22,83,343/-
Name of the Statute Period to Forum
which the where
amount dispute is
relates pending
Central Excise Act, 1944 F.Y. Additional
2001-02 Commissioner of Central Excise
x. The Company does not have accumulated losses at the end of the
Financial Year. The Company has not incurred cash losses during the
Financial Year covered by the audit and in the immediately preceding
Financial Year.
xi. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to Financial Institutions, Banks and
debenture holders.
xii. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
Shares, Debentures and other securities.
xiii. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
xiv.Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that proper records
have been maintained of the transactions and contracts in respect of
dealing or trading in Shares, Securities, Debentures and other
investments and timely entries have been made in those records. We also
report that the Company has held all the Shares, Securities, and other
investments in its own name.
xv. The Company has not given any guarantee for loans taken by others
from Bank or Financial Institution, and accordingly requirement of
Paragraph 4(xv) of the aforesaid Order are not applicable to the
Company.
xvi.The Company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purposes for which they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
xviii.The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
xix.During the period covered by our audit report, the Company has not
issued debentures and therefore paragraph 4 (xix) of the aforesaid
Order is not applicable.
xx. During the period covered by our audit report, the Company has not
raised money by way of public issues and, therefore, paragraph 4 (xx)
of the aforesaid Order is not applicable.
xxi.In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For D.K.ROONGTA & COMPANY
Chartered Accountants
Place : Mumbai DINESH K ROONGTA
Date: 30.05.2013 (Proprietor)
(Membership No.100/17679)
(Firm Reg No.108871W)
Mar 31, 2012
We have audited the attached Balance Sheet of SPECTRA INDUSTRIES
LIMITED as at 31st March 2012, and also the Profit & Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1. We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003 issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in Paragraph 2
above, we report that:
(I) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion, proper books of account, as required by law, have
been kept by the Company so far as appears from our examination of those
books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the Accounting
Standards referred to in sub section (3C) of Section 211 of the
Companies Act, 1956, to the extent applicable;
(v) On the basis of the written representations received from the
directors, as on 31st March,2012, and taken on record by the board of
Directors, we report that none of the directors is disqualified as on
31st March1 2012 from being appointed as a director in terms of
clause(g) of sub- section(1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March,2012;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date;
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information;
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification;
c. The Company has not disposed off substantial part of Fixed Assets
during the year and as per information and explanation given to us the
going concern status of the company is not affected;
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year;
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business;
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared with the book records;
3. The Company has taken loans, secured or unsecured, during the year
from or to Companies, firms and other parties listed in the register
maintained under section 301 of the Companies Act, 1956;
In our opinion and according to the information and explanations given
to us, the rate of interest, where applicable and the other terms and
conditions, are not prima facie prejudicial to the interest o f the
company;
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act,1956 have been so entered;
(b) In our opinion and according to the information and explanations
given to us, there were no transactions exceeding Rs. Five Lakhs during
the year;
6. The Company has not accepted any deposits from the public.
7. The Company has an adequate internal audit system, which was
conducted by an independent firm of Chartered Accountants, which in our
opinion is commensurate with the size and nature of its business.
g We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209(1 )(d) of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have not
however, made a detailed examination of the same.
9. According to the records of the Company, undisputed
(a) statutory dues including Provident Fund, Income Tax, Wealth Tax,
Sales Tax, Customs Duty and Excise Duty cess and other statutory dues
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31" March,2012 for a period of more than six months
from the date of becoming payable;
(b) The dues of income tax and Central Excise have not been deposited
on account of any dispute, the amounts involved and the forum where the
dispute is pending are detailed in the statement are as under;
Name of the Statutory Forum where dispute Amount
Dues is pending
Central Excise Duty Additional
Commisioner 22,88,343
Central Excise Income Tax
Rectification under 32,532
10. The Company does not have accumulated losses at the end of the
financial year. The company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12. Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company is not a chit / nidhi / mutual benefit funds/ society.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that proper records
have been maintained of the transactions and contracts and timely
entries have been made in those records. We also report that the
Company has held the investments in its own name.
15. On the basis of the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. During the year the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. During the year the Company has not issued any debentures.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Comapny has been noticed or
reported during the year.
For D.K.ROONGTA & COMPANY
Chartered Accountants
Place : Mumbai DINESH K.ROONGTA
Date: 30th May,2012 (Proprietor)
Membership No: 100/17679
(Firm Reg. No. 108871W)
Mar 31, 2011
We have audited the attached Balance Sheet of SPECTRA INDUSTRIES
LIMITED as at 31st March 2011, and also the Profit & Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1. We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003 issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in Paragraph 2
above, we report that:
(I) We have obtained all the.-information and explanations jtfeich to
the best of our knowledge and belief were *- *fecessary for the purpose
of our audit;
(ii) In our opinion, proper books of account, as required by law, have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by his report comply with the Accounting
Standards referred to in sub section (3C) of Section 211 of the
Companies Act, 1956, to the extent applicable;
(v) On the basis of the written representations received from the
directors, as on 31st March,2011, and taken on record by the board of
Directors, we report that none of the directors is disqualified as on
31st March' 2011 from being appointed as a director in terms of
clause(g) of sub- section( 1) of section 274 of the Companies Act,
1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March,2011;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date;
ANNEXURE TO THE AUDITORS' REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information;
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification;
c. The Company has not disposed off substantial part of Fixed Assets
during the year and as per information and explanation given to us the
going concern status of the company is not affected;
2. In respect of its inventories:
a. As explained to us, inventories have been physically-verified by
the management at regular intervals during the year;
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business;
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared with the book records;
3. The Company has taken loans, secured or unsecured, during the year
from or to Companies, firms and other parties listed in the register
maintained under section 301 of the Companies Act, 1956;
In our opinion and according to the information and explanations given
to us, the rate of interest, where applicable and the other terms and
conditions, are not prima facie prejudicial to the interest of the
company;
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not
5. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance o f contracts or
arrangements, that needed to be entered into i n the register
maintained under section 301 of the Companies Act, 1956 have been so
entered;
(b) In our opinion and according to the information and explanations
given to us, there were no transactions exceeding Rs. Five Lakhs during
the year;
6. The Company has not accepted any deposits from the public.
7. The Company has an adequate internal audit system, which was
conducted by an independent firm of Chartered Accountants, which in our
opinion is commensurate with the size and nature of its business.
3 We have broadly reviewed the brooks of account
maintained by the Company pursuant to the Rules made by the Central
Government for the maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have
not however, made a detailed examination of the same.
9. According to the records of the Company, undisputed
(a) statutory dues including Provident Fund, Income' Tax, Wealth Tax,
Sales Tax, Customs Duty and Excise Duty cess and other statutory dues
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March.2011 for a period of more than six months
from the* Jate of becoming payable,
(b) The dues of income tax and Central Excise have not been deposited
on account of any dispute, the amounts involved and the forum where the
dispute is pending are detailed in the statement are as under;
Name of the Statutory Forum where dispute Amount
Dues is pending
Central Excise Duty Additional Commissioner 22,88.343
Central Excise
Income Tax Rectification under 32,532
section 154
10. The Company does not have accumulated losses at the end of the
financial year. The company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12 Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities
13, The Company is not a chit / nidhi / mutual benefit funds/ society.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that proper records
have been maintained of the transactions and contracts and timely
entries have been made in those records. We also report that the
Company has held the investments in its own name.
15 On the basis of the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. During the year the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. During the year the Company has not issued any debentures.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For D.K.ROONGTA & COMPANY
Chartered Accountants
Place : Mumbai DINESH K.ROONGTA
Date: 30th May,2011 (Proprietor)
Membership No : 17679
(Firm Reg. No. 108871W)
Mar 31, 2010
We have audited the attached Balance Sheet of SPECTRA INDUSTRIES
LIMITED as at 31 st March 2010, and also the Profit & Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1 We have conducted our audit in accordance with the
Auditing Standards generally accepted in India. Those standards require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the Companies (Auditors Report) Order 2003 issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in Paragraph 2
above, we report that:
(I) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion, proper books of account, as required by law, have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the Accounting
Standards referred to in sub section (3C) of Section 211 of the
Companies Act, 1956, to the extent applicable;
(v) On the basis of the written representations received from the
directors, ason31s*March,2010, and taken on record by the board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of
clause(g) of sub- section(1 )ofsection 274 ofthe Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31 st March,2010;*
(b) In the case of the Profit and Loss Account, of the pofit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows ofthe
Company for the year ended on that date;
ANNEXURE TO THE AUDITORS REPORT
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information;
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification;
c. The Company has not disposed off substantial part of Fixed Assets
during the year and as per information and explanation given to us the
going concern status of the company is not affected;
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year;
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business;
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared with the book records;
3. The Company has taken loans, secured or unsecured, during the year
from or to Companies, firms and other parties listed in the register
maintained under section 301 of the Companies Act, 1956;
In our opinion and according to the information and explanations given
to us, the rate of interest, where applicable and the other terms and
conditions, are not primafacie prejudicial to the interest of the
company;
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions covered Under Section 301 of the
Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the CompaniesAct,1956 have been so entered;
(b) In our opinion and according to the information and explanations
given to us, there were no transactions exceeding Rs. Five Lakhs during
the year;
6. The Company has not accepted any deposits from the public.
7. The Company has an adequate internal audit system, which was
conducted by an independent firm of Chartered Accountants, which in our
opinion is commensurate with the size and nature of its business.
8 We have broadly reviewed the books of account
maintained by the Company pursuant to the Rules made by the Central
Government for the maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have
not however, made a detailed examination of the same.
9. According to the records of the Company, undisputed
(a) statutory dues including Provident Fund, Income Tax, Wealth Tax,
Sales Tax, Customs Duty and Excise Duty cess and other statutory dues
have been generally regularly- deposited with the appropriate
authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31" March,2010 for a period of more than six months
from the date of becoming payable;
(b) The dues of income tax and Central Excise have not been deposited
on account of any dispute, the amounts involved and the forum where the
dispute is pending are detailed in the statement are as under;
Name of the Statutory Forum where dispute Amount
Dues is pending
Central Excise Duty Additional Commisioner 22,88,343
Central Excise_
Income Tax Rectification under 32,532
section 154
10. The Company does not have any accumulated losses and has not
incurred cash loss during the current financial year. However it had
incurred cash loss in the financial year immediately preceding such
financial year.
11. According to the records of the Company examined by us and on the
basis of information and explanations given to us, the Company has not
defaulted in repayment of dues to bank or financial institution and
debenture holders.
12. Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company is not a chit / nidhi / mutual benefit funds/ society.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that proper records
have been maintained of the transactions and contracts and timely
entries have been made in those records. We also report that the
Company has held the investments in its own name.
15. On the basis of the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks orfinancial institutions.
16. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
17. According to the Information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. During the year the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. During the year the Company has not issued any debentures.
20. The Company has not raised any money by way of public issue during
the year.
21. Based on the audit procedures performed and information and
explanations given to us by the management, we report that no fraud on
or by the company has been noticed or reported during the course of our
audit.
For D.K.ROONGTA & COMPANY
Chartered Accountants
Place : Mumbai DINESH K.ROONGTA
Date: 28m May,2010 (Proprietor)
Membership No: 17679
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